Spain’s rental market has been booming for years now, with more and more people choosing to rent rather than buy. As renting becomes a major pillar of the housing sector, several aspects of the market are evolving to meet new demands.
One of the most significant changes for 2025 is the introduction of a brand-new method for updating rental prices: the Housing Rental Reference Index (Índice de Referencia de Alquiler de Vivienda, IRAV), developed by the National Statistics Institute (INE).
This new index represents a major change in the rental market—so let’s see how it works and what impact it is likely to have.
How does the new rent update index work?
Starting this year, rent increases will be tied to the IRAV, which is set as the lowest of the following three figures: the annual change in the CPI, the annual change in core inflation and the adjusted average annual rate of change.
Previously, rental price increases were tied to the CPI, but in 2022 the CPI rose sharply because of the spike in energy prices, prompting calls for a more reliable indicator—one that was more stable and less closely linked to consumer prices.
The IRAV is now available on the INE website and will be updated monthly with the previous month’s figure. The first updated figure, released in January 2025 based on data for December 2024, was 2.28%.
What does this mean for tenants and landlords?
First and foremost, it’s important to note that the new system does not apply to all rental contracts. Only contracts signed after the Housing Law came into force—i.e. after 25 May 2023—will be affected. Under older leases, rents will continue to be increased on the terms previously agreed between the parties.
In short, you will only be affected by the IRAV if you’re signing a new rental agreement.
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